The Small Business Administration recently opened its forgiveness portal for small business owners who participated in the SBA Paycheck Protection Program. Many lenders are beginning to process forgiveness applications, including Atlantic Union Bank. While the SBA did release an EZ PPP Loan Forgiveness Application requiring less documentation and calculations, there are still many questions surrounding the process, and Congress and the SBA continue to release new information.
We know first-hand from our customers there are many questions surrounding the forgiveness application process. Here are our top five tips for borrowers when navigating the loan forgiveness process to make it easier and less stressful.
According to SBA guidelines, borrowers have up to 10 months following the end of their chosen coverage period to submit their PPP Loan Forgiveness Application. Loan payments are deferred until after the borrower has submitted for forgiveness and the SBA has made...
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